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  #1  
Old 12-15-2017, 08:31 PM
tvmangum tvmangum is offline
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Question Changing banks

Our PTA is in the process of changing banks. I have set up the new bank in QB but I am not sure of the best way to deal with moving the money from the old bank to the new bank. I wrote a check to move most of our money to the new account but I do not know whether to charge an account for the check and then the deposit or if I should just do transfer within QB to record the change.

I feel like charging and crediting an account may be a little too much but I want to be sure that I do it correctly.

Thanks in advance for any suggestions or ideas.
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Old 12-16-2017, 12:03 AM
Lorin Browning Lorin Browning is offline
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There are multiple ways you can do this in QuickBooks, but I like the simple old-fashioned way: Use a General Journal issue with a credit entry to the old bank account and a debit entry to the new bank account. Of course, both entries must be for the same amount.

I expect that you may get multiple responses about what is the "best way to deal with moving the money".

Since this is dealing with "most of our money", I can't deal with what to do with the rest of the money other than assuming that you intend to leave a balance in the old bank account.
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Last edited by Lorin Browning; 12-16-2017 at 12:05 AM.
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Old 12-16-2017, 04:51 AM
Rustler Rustler is offline
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Quote:
Originally Posted by tvmangum View Post
Our PTA is in the process of changing banks. I have set up the new bank in QB but I am not sure of the best way to deal with moving the money from the old bank to the new bank. I wrote a check to move most of our money to the new account but I do not know whether to charge an account for the check and then the deposit or if I should just do transfer within QB to record the change.

I feel like charging and crediting an account may be a little too much but I want to be sure that I do it correctly.

Thanks in advance for any suggestions or ideas.
You still have to be able to recon the old account, so in QB do exactly what you did in real life.

You wrote a check in real life, so in QB enter that check, use the new bank account as the expense for the check.
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Old 12-16-2017, 04:09 PM
Lorin Browning Lorin Browning is offline
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Or you can use the Transfer Funds tool that QuickBooks provides in the drop-down menu under Checking on the top (or side) menu bar.
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